Mitie’s FY26 results

Mitie’s FY26 results landed this morning, and while there’s plenty to admire, I’m keeping my enthusiasm in check.

Yes, the top line looks healthy — revenue up 10.5% to £5.6bn, adjusted operating profit up 13% to £264m, and a record £16.3bn order book. But I always read past the “adjusted” figures, and here the gap is telling: statutory profit actually fell 7%, and reported earnings per share dropped 20%, weighed down by the cost of digesting Marlowe.

That acquisition has made Mitie the leader in facilities compliance, but it’s also pushed leverage higher and dragged return on capital below the company’s own target. A fresh £100m buyback and a 5% dividend rise are welcome — though with the shares already near their highs and most of these numbers flagged back in April, I’d be surprised by much of a reaction.

My cautious take? The strategy is sound and the pipeline is genuinely impressive, but the margin still has to climb to hit next year’s target, more one-off transformation costs are on the way, and Phil Bentley’s planned exit at the end of FY27 leaves a real question mark over succession. So ok, again would be interesting to hear the presentation and Q&A for the finer details. Hard to read how the market will react.